The Individuals' Deposit Guarantee Fund proposes next year to start a phased increase in the guaranteed amount of compensation from UAH 200,000 to UAH 500,000-800,000, managing director of the fund Kostiantyn Vorushilin has said.

"It [the increase in the guaranteed sum] should be gradual, it must be fixed by law, so that there are no ways to retreat. To date, we believe that we need to achieve the figure of UAH 500,000-800,000 of guaranteed amount from 2019," he said in an interview with Interfax-Ukraine.

At the same time, Vorushilin added that to increase the guaranteed amount of compensation it is necessary to have a strong economy.

"Now we have certain confidence in the stability of the sector, therefore we are in favor of increasing the amount of guarantee gradually. This will additionally give an inflow of deposits in the banking sector, will enable the Ministry of Finance to borrow from banks through bonds. Everything is interrelated," the expert said.

He also said that for 20 years of its existence the Individuals' Deposit Guarantee Fund had paid reimbursements to depositors for a total of UAH 93.8 billion. To pay compensation in the crisis period, the fund had to borrow money.